October 13, 2017
The Bitcoin price hitting $5000 was once a prediction that only the most bullish would make. In September, it happened, making history. Remember: Just over four months ago, in June, history was made when it hit $3000. Here we are in October and $5000 is already, well, history. This morning the Bitcoin price climbed to a high of $5856. It has since quieted down a little, hovering around $5600.
To put that number in greater perspective, this is a rise of 96% from the $2980 low of September 15. On a year-to-date basis, it is up almost 500%.
About that dip in September? It came after China’s ban on ICOs. That ban remains in place, but the trepidation has clearly subsided. Now there is speculation that China may license digital currency exchanges and allow them to reopen. As Jordan Hiscott, chief trader at Ayondo Markets remarked, “The returns are truly remarkable, especially given the recent ban on bitcoin trading in China, where demand had previously accounted for at least 10% of all global volumes.”
So of course, the question now is whether the #1 cryptocurrency will reach $6000. For that matter, will it fly to infinity and beyond? Or is it nearing a plateau? Some bitcoin watchers say it could settle into the $5,800 – $6,000 range in the short term. Others, looking at a slightly different scenario, see it spiking to $6000, then pulling back to $5,000 – $5,300.
Accepting bitcoin by leaps and bounds
Meanwhile, in the mainstream, Bitcoin is continuing to gain acceptance. London property developer The Collective is now accepting deposits in BTC, The Guardian reports, and will begin accepting it for rent in the very near future. In late September the Japanese government enacted rules recognising bitcoin as a payment method.
Rumour has it that American ecommerce titan Amazon may start accepting bitcoin – and that this could happen as early as its quarterly report, due later this month. It’s reasonable to think that a move from Amazon could trigger a domino effect in the ecommerce space, with China’s Alibaba and others getting in line. Of course, SpicePay merchants are way ahead of them.